The Federal Government has dismissed reports suggesting it has stopped revenue-generating agencies from deducting their cost of collection at source, describing the claims as false, misleading, and without basis.
In a statement signed by the Director of Information and Public Relations, Mr. Mohammed Manga, FCAI, the Federal Ministry of Finance clarified that there has been no policy change affecting agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS).
The statement reads: “At no point during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank did the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing policy on the cost of collection deductions.
“For the avoidance of doubt, there has been no policy change regarding the deduction of costs of collection at source by revenue-generating agencies. The current framework remains in effect.
“What is underway are ongoing policy discussions in line with the directives of His Excellency, President Bola Ahmed Tinubu, to review cost of collection structure. These discussions are part of broader efforts to enhance transparency, efficiency, and value-for-money in public financial management. However, no final decision has been made on this matter.
“The Ministry assures all stakeholders and the public that revenue operations continue uninterrupted and that any future adjustments will be guided by due process, stakeholder engagement, and clear communication.”
Reaffirming government’s commitment to transparency, the ministry urged media organisations to verify reports from official sources before publication to avoid causing unnecessary confusion in the public space.
The statement further emphasised that the administration of President Bola Ahmed Tinubu remains focused on strengthening the economy through transparent fiscal reforms and efficient revenue management.
It added that the Federal Ministry of Finance will continue to engage stakeholders in ongoing discussions aimed at improving value-for-money and accountability in public financial administration.
